An industry association has launched an app promising to “revolutionise” the way brokers operate, through using AI and character recognition technology to address administrative tasks that would otherwise consume huge amounts of broker time.
The app is available on the Finance Brokers Association of Australia’s (FBAA) web platform, and handles everything from membership application and renewals, to credit and bankruptcy checks, insurance and ombudsmen requirements, and general education and training.
According to FBAA MD Peter White, the innovative technology will continue to increase capabilities and functionalities as it grows and learns from data being inputted by the user.
He explained, “This impacts the industry as a whole because massive data analytics capabilities actually help drive the future of the business through greater understanding of its membership composition, member needs and specialisation learnings.”
The app can also be used to monitor industry requirements, including tracking protection and indemnity insurance issues and compulsory professional development needs – an invaluable feature given the rapid pace of regulatory change evidenced within the industry recently.
While FBAA members are situated to most directly benefit from the app, White says the benefits will be extended to aggregators as well, as the platform will be made available to non-competing associations in the future.
“[They] can use the technology for the onboarding process, as it enables them to complete the broker's association membership component on the spot, enabling the broker and aggregator to complete the needs of the lender and their own needs without the usual one to two week delay or longer in some cases,” said White.
The second version of the app is already in development, with plans to streamline the system further to promote profitability and efficiencies to stakeholders.